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19 Jan 2022

Survey reveals Carlow house prices expected to rise 5% in 2022

Survey reveals Carlow house prices expected to rise 5% in 2022

Average house prices rose by 2.24% nationally in the last three months of 2021

The price of the average three-bed semi in County Carlow is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €195,000, up 9% on the December 2020 average of €179,000, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.

Carlow Town prices were static in the last three months of the year, and rose by 8% to €205,000 over the past year, with properties selling in three weeks on average.

“Plenty of people are ready to sell next year and in particular, many are landlords exiting the market,” said Harry Sothern of REA Sothern, who is predicting a 5% rise in 2022.

“Many had just waited for their properties to achieve parity – the same price as when they bought – and are now getting out, with many losing a significant amount of money along the way if we factor in subsidising the mortgage, repairs and replacing electrics.

“Landlords will leave as values rise, not because they are making a profit, but their property is now worth, or close to, what they paid for it and they are stifled by over governance of the sector.”

In Tullow, the average price of a three-bed semi-detached home has risen annually by 10% from €168,000 to €185,000.

“The demand for property remains strong, and we are not seeing much stock for sale. 

Good quality properties suitable for first time buyers are selling within three to four weeks,” said Matthew Conry of REA Dawson, Tullow.

“Lack of new developments under construction in this area will keep demand for second hand houses strong for 2022.”

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.

Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.

The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.

Three bed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past 12 weeks with the average three bed semi now costing €283,000.

While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.

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